Gemini Review: Is it a Safe Way to Buy Bitcoin and Ethereum

UNHASHED | Last Updated June 22, 2018 | First Posted December 20, 2017

While Gemini hasn’t been around as long as some competitors, the exchange quickly became one of the most active U.S. based cryptocurrency exchanges. In this Gemini Review, we’ll break down the pros and cons of this Bitcoin and Ethereum trading platform.

Gemini vs The Competition

Pros

Unlike most exchanges, that require you to wait until your deposit has been processed to start trading, Gemini lets you buy Bitcoin and Ethereum immediately.

There are a couple of caveats:

This is only for bank transfer deposits, which usually have $500 daily limits ($15,000 per month). If you use a bank wire (unlimited deposit limits), you’ll need to wait to trade until your deposit has been fully processed.

You can’t withdrawal the cryptocurrency you purchased until your bank transfer has been completed (usually takes a few days).

Even with these caveats in mind, this still provides the advantage of allowing you to immediately buy Bitcoin and Ethereum, which can help you avoid missing out on low prices.

2) No Fees on Bank Deposit or Withdrawals

Gemini does not charge any fees to make deposits or withdrawals using your bank account.

3) Easy to Use Interface

The exchange interface at Gemini is incredibly clean and straight forward to use. We’ve picked on some other exchanges for poor user experience (see our Kraken Review), but we have only good things to say about using Gemini.

Cons

1) Few Available Cryptocurrencies

Gemini only offers trading for Bitcoin and Ethereum, while competitors offer more options.

Cryptocurrency only exchanges (no USD or other fiat currency support) like Binance and Bittrex offer trading for 80+ cryptocurrencies.

While Gemini is a great way to buy the two most popular cryptocurrencies, it’s not an option for altcoin traders.

2) High Fees Compared to Its Main Competitors

While Gemini used to have fees capped at 0.25%, they increased their fees on April 2nd, 2018. While high volume traders won’t be too affected, the minimum trading fee is now 1.0%. You can see their full fee schedule here.

3) No Alternative Buy/Sell Methods

While site’s like Coinbase and CEX.IO allow you to use credit cards and bank transfers to make purchases, Gemini only offers the latter option.

Give Personal Details including you address and social security number (U.S. residents).

Verify Your Identity by Uploading ID Documents

In our experience, Gemini verified our documents rather quickly, compared to other exchanges.

Step 3) Fund Your Account

After your account is set up (including a connected bank account), you can make a deposit using a Bank Transfer or Wire.

Locate either “USD (Bank Transfer)” or “USD (Bank Wire)” in the menu of your account, under “Transfer Funds” > “Deposit Into Exchange”.

If using the “Bank Transfer” method, all that’s required is to enter the amount you wish to deposit.

You’ll need to confirm this action.

Step 4) Buy Bitcoin or Ethereum on the Gemini Exchange

If using a bank transfer, your deposit will be available for trading immediately (though a wire will take a few days).

Find the cryptocurrency pair you want to trade under the “Buy” section of the exchange menu (1). For Bitcoin select “BTCUSD” and for Ethereum select “ETHUSD”.

On the page for your trading pair, choose your order type (2). In this example we’ll be using the simplest order type, a “Market” order. All that’s required for a market order is to enter the amount of USD you want to spend (3).

After entering the amount you want to purchase, click the “Buy” button (4).

If using a market order, your order will be automatically filled. Your account balances should reflect your purchase.

Gemini Exchange Review Summary

While slightly more complicated than Coinbase, Gemini is still a great way for both cryptocurrency newcomers and veterans to buy and sell Bitcoin and Ethereum. The exchange offers both low trading fees and a sleep user interface.

Unfortunately, for those of you wanting to buy cryptocurrency with a credit card, Gemini only accepts bank transfers and wires. Gemini is also not an option for those wanting to trade other altcoins.

Disclaimer: UNHASHED strives to keep its information accurate and up to date. The information found on UNHASHED may be different than what you see when you visit a cryptocurrency exchange, wallet, or other cryptocurrency product's site. When visiting a third party site from UNHASHED, please be sure to review their site's terms and conditions. UNHASHED is not responsible for any financial losses or gains you may have when investing in cryptocurrency. Always use your best judgement when investing any cryptocurrency and when using any cryptocurrency exchanges, wallets, or other products.